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What account and amount would we credit to record the cost

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Question - Our Potato Chip company sold merchandise on account with a cost of $700 for $1,000. Our Potato Chip Company uses a perpetual inventory system. What account and amount would we credit to record the cost of the merchandise sold?

Accounts receivable, $1,000

Sales, $1,000

Merchandise inventory, $700

Cost of goods sold, $700

Reference no: EM133005282

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